Trinkets Cause Many Family Feuds

After a loved one passes away, familybattles over money and personal memorabilia are common. Some of the worstfamily feuds happen because of the sentimental value that families attach topersonal possessions. 

Half of all of the lawsuits over estateproperty are about trinkets that are valued at less than 10% of the total valueof the estate. The fight occurs when the family member is not after the valueof the item but what it means to the individual. One estate attorney reports hesaw a family go to court over who kept their mother’s passport, which has nomonetary value. Here are a few suggestions on how to avoid family legal battlesover an inheritance. John O. McManus, an estate attorney and foundingprincipal of McManus & Associates in New York City offers a few tips tohelp families avoid fighting over inheritance.

• Talk to your family members about how youwant your property distributed. Deciding who wants what and explaining that youwant to avoid conflict can make a huge difference.
• Make a list of all of the personalproperty and have your relatives check your inventory list.
• Show your family the list so they candecide what they want. There is no need to decide every item.
• Have your property appraised to help moreeven distributions. 
• Set up a voting system so that upsetrelatives have a voice and can seek remedy if need be.
• Write a personal memo describing the itemand its beneficiary. Make sure to clearly reference it in your will. 

See Michele Lerner, Stop Family Feuds Over Inheritances Before They Start, Daily Finance, Aug. 7, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.